SPUR Supports Redevelopment Housing Funds Bill

Letter advocating for protection of the existing housing funds of dissolving redevelopment agencies

Policy Letter

January 23, 2012

Senate Bill 654 would ensure that any existing fund balances on deposit in the Low and Moderate Income Housing Fund of a dissolved redevelopment agency would be transferred to the successor agency of the sponsoring community and expended pursuant to the law under which the funds were originally collected.

Redevelopment agencies’ existing Low and Moderate Income Housing Funds are critical sources for the development and preservation of affordable homes across California. SPUR supports protection of these funds in the midst of the changes impacting the state’s redevelopment system.